Global Electric Three-Wheeler Market Forecast to 2028 – COVID-19 Impact and Analysis – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Electric Three-Wheeler Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Type and Geography” report has been added to ResearchAndMarkets.com’s offering.

The electric three-wheeler market was valued at US$ 472.56 million in 2020 and is projected to reach US$ 756.52 million by 2028; it is expected to grow at a CAGR of 6.05% from 2020 to 2028.

Government authorities, and government and nongovernment organizations across the world have begun multiple initiatives and schemes for encouraging the customers to opt for electric three-wheelers over conventional vehicles. For example, the UN Environment is helping many developing nations in Africa and Asia for developing national level programs and schemes for the introduction of electric two-wheelers and three-wheelers. The UN Environment is extending help to electric two-wheeler and three-wheeler projects in eight countries in Africa and Asia – Vietnam, Ethiopia, Thailand, Morocco, the Philippines, Kenya, Uganda, and Rwanda. These activities are envisioned to propelling the integration of electric three-wheelers, along with facilitating the transformation of mobility from fossil fuel-based to electric means.

Asia Pacific held the largest share of the electric three-wheeler market in 2020. In 2018-2019, when other auto segments experienced a slow demand growth rate, compared to previous years, sales for electric three-wheeler segment grew considerably. The major factors driving the market in this region include the availability of government subsidies, lowering of battery costs, and expanding infrastructure of charging stations. Further, India accounts for a major share of the electric three-wheeler market in APAC. The growing adoption of electric three-wheelers by logistics companies to support the booming e-commerce industry is driving the market in India.

The COVID-19 outbreak has severely disrupted the supply chain and manufacturing of electronics equipment, including the hardware components of electric three-wheelers. On the basis of the emergence of COVID-19 virus across the world, followed by lockdown scenarios, the automotive industry experts have predicted the industry would face at least a quarter of lag in electronics equipment supply chain. The electronics equipment and automotive industry is likely to pick up pace soon after the governments lift the various containment measures, which would help revive the economies. The production of the electronics equipment and automotive products is anticipated to gain pace from 2021, which is further foreseen to positively influence the electronics equipment and automotive manufacturing, including hardware components of electric three-wheelers.

Market Dynamics

Drivers

• Increasing Level of Harmful Gases, Managing Cost, and Acceptance of Cleaner Technologies
• Rising Traffic Congestion

Restraints

• Concerns Regarding the Lack of Supporting Infrastructure for Electric Vehicles

Opportunities

• Scope for Integration of Technologies such as GPS and Solar-Powered Engines

Future Trends

• Growing Popularity of Autonomous Electric Three-Wheelers

Companies Mentioned

• Goenka Electric Motor Vehicles Private Limited
• Piaggio & C. SpA
• Terra Motors Corporation
• Kinetic Green Energy & Power Solutions Ltd.
• LOHIA AUTO INDUSTRIES
• Bodo Vehicle Group Co. Ltd.
• Nobe Cars
• Mahindra Electric Mobility Limited
• E-Tuk Factory BV
• JIANGSU KINGBON VEHICLE CO., LTD

For more information about this report visit https://www.researchandmarkets.com/r/y1jymx

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